The invention discloses a spring steel with good heat resistance and impact resistance and a production method thereof, belonging to the technical field of spring steel production. The weight percent of chemical composition of the spring steel is: C: 0.50%-0.60%, Si: 1.60%-2.20%, Mn: 0.80%-1.00%, Cr: 0.80%-1.30%, Mo: 0.20%-0.50%, W : 0.70%~1.30%, V: 0.20%~0.40%, Nb: 0.02%~0.04%, Ti: 0.015%~0.030%, Ni: 0.15%~0.30%, Cu: 0.15%~0.30%, P: trace Fe content ~ 0.015%, S: trace ~ 0.010%, O ≤ 0.0012%, N ≤ 0.006%, and the rest are Fe and other unavoidable impurities. Its production methods are: electric arc furnace smelting, LF furnace refining, RH or VD vacuum degassing, round billet continuous casting, billet rolling, flaw detection, peeling, high-speed wire rod controlled rolling, Stelmore cooling line controlled cold treatment and heat treatment . The spring steel obtained by adopting the technical solution of the present invention has good performances of heat resistance, impact resistance and hydrogen embrittlement fracture resistance, thereby being able to effectively meet the use requirements of the spring steel under high temperature and high pressure.